Please be advised that effective immediately, compliance with the daily open foreign exchange position limits of banks, as set forth in Circular No. 1327 dated January 30, 1992, shall be determined using immediately preceding month-end unimpaired capital account balances, instead of unimpaired capital account balances of month-end two months prior to reference date.  Thus, beginning with the month of February, end of month January balances shall be used for this purpose.

Adopted: 26 Jan. 1993

(Sgd.) EDGARDO P. ZIALCITA
Deputy Governor